Canadian Underwriter

News


News Insurance

Lloyd’s among insurers affected by New York plane crash

November 12, 2001 by Canadian Underwriter

Just as U.S. regulators begin their investigation into Lloyd’s of London’s ability to pay claims resulting from the September 11 terrorist attacks, the company acknowledges it is among those on the hook for an airplane crash in New York.Early Monday…

News Insurance

Kingsway reports record results in Q3

November 9, 2001 by Canadian Underwriter

Specialty insurer Kingsway (TSE:KFS, NYSE:KFS) is reporting record earnings and revenue for the third quarter 2001 (ending September 30). Unlike many insurers who have seen abysmal results due to September 11 losses, Canadian-owned Kingsway is posting a net income of…

News Insurance

Fairfax’s reinsurance operation Odyssey Re feels Sept. 11 bite

November 7, 2001 by Canadian Underwriter

New York-based Odyssey Re Holdings Corp. (TSE: ORH) a subsidiary of the Fairfax Financial Holdings group revealed a third quarter net loss for this year of US$41.9 million (equal to a loss of 64c a share) compared with net income…

News Insurance

Fairfax 3-Q performance shows widening loss spiral

November 7, 2001 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings Ltd. (TSE: FFH) produced a net loss of $458.3 million for the third quarter of this year compared with a loss of $22.1 million for the same period a year prior. The latest quarterly loss translates…

News InsuranceMergers and Aqcuisitions

ISO puts insured property losses from September 11 at US$16.6 billion

November 6, 2001 by Canadian Underwriter

Total insured property losses arising from the terrorist attacks against the World Trade Center and the Pentagon will likely amount to about US$16.6 billion, according to the Insurance Services Office’s (ISO) claims unit. Although this loss estimate is inclusive of…

News Insurance

Alea Group receives US$100 million to boost capital reserves

November 5, 2001 by Canadian Underwriter

Switzerland-based reinsurer Alea Group Holdings will receive a cash injection of US$100 million by the end of the year from its majority investor Kohlberg, Kravis, Roberts & Co. (KKR). A statement released by Alea says the amount received from KKR,…

News Insurance

White Mountains latest to form new reinsurance operation

November 2, 2001 by Canadian Underwriter

New Hampshire-based White Mountains is the latest insurer to announce that it will capitalize on the hardening market by setting up a reinsurance operation. The company plans to establish a Bermuda-based reinsurance arm to target the property and casualty market,…

News Insurance

U.S. government at odds on insurance package

November 2, 2001 by Canadian Underwriter

A deal to assist America’s insurers with temporary reinsurance coverage for terrorism has put the country’s Senate and House at odds. Both bodies released proposals for a new package, but the differences could lead to a stalemate, which would put…

News Insurance

Terrorist attacks evident in Q3 insurer results

November 1, 2001 by Canadian Underwriter

With insurers coming to grips with their losses from the September 11 terrorist attacks, many are seeing a strong impact on their third quarter results.Bermuda-based ACE Ltd. was among those reporting a net loss for the quarter as a result…

News InsuranceMergers and Aqcuisitions

IBC responds to Ontario’s revised auto insurance proposal

October 31, 2001 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) has lashed out at the Ontario government and provincial regulator Financial Services Commission of Ontario (FSCO) with regard to the latest legislative discussion document released on auto insurance regulation. The IBC says the latest…

News Insurance

World Cup scores new insurance deal

October 30, 2001 by Canadian Underwriter

FIFA, the body representing the World Cup of soccer has found a new insurer for the event finals next year in Japan. Following the events of September 11, French insurer AXA decided to terminate its policy with FIFA with one…

News Insurance

Industry poised for success in 2002, says S&P

October 30, 2001 by Canadian Underwriter

A new report from rating agency Standard & Poor’s (S&P) says the industry is headed for a comeback in 2002, with 2003 set to be a highly profitable year for insurers.Despite heavy losses following the September 11 terrorist attacks, the…